This is where we answer the most common questions prospective customers might have.
Is the PropertyBid platform exclusive to real estate agents?
Yes, PropertyBid’s platform is exclusive to listing agents. Buyers may use the platform as represented by Buying agents or on their own.
Is PropertyBid available to the 'For Sale By Owner market'?
No. At this time our platform is exclusively for agents to post properties.
Is PropertyBid a brokerage, real estate agent or licensed to sell real estate?
No. PropertyBid is simply a technology platform for listing agents and buying agents to use.
Does PropertyBid verify the details or condition of properties sold on platform?
No. We are a technology platform for bidding purposes only and do not verify any details or conditions on listed properties. All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.
Are listed homes guaranteed a minimum sale price?
Yes. A “reserve” minimum sale price can be used and is determined at time of registration. The listings will say reserve not met if the current bid price is under the seller's minimum price. Listings that are not noted as 'Reserve Listings', or where the reserve has been met, will sell for the highest bid.
Are all bidders serious and qualified buyers?
Yes. Buyers are pre-qualified by their buying agents and have to secure a credit card deposit at the time of registration to ensure they are serious buyers. We also employ a variety of fraud monitoring tools and advanced security measures to ensure all bidders are legitimate and that no "Seller Agent" bidding is taking place.
Is the bidding process open for public viewing?
Yes. Passive spectators often convert into serious buyers once they are caught up in the flurry of bidding. A key benefit of using the platform is to increase competition and transparency in the marketplace.
Can sellers change their minds once the property has been awarded to the highest bidder?
No. Under our service agreement, if bidders have met or surpassed your confidential “reserve” amount and have agreed to all of your conditions for sale and purchase, you are obligated to accept the formal agreement of purchase and sale.
Do you offer any risk protection to sellers?
Yes. All selling transactions are backed by a $2000 PropertyBid guarantee** paid to the seller in the unlikely event a winning bidder fails to complete the formal written offer and deposit process due to no fault of the seller.
PropertyBid will also reach out directly to the runner-up bidders and work with your agent to help mitigate a secondary acceptable offer.
How is PropertyBid paid for its services?
The winning bidder pays a platform fee of $3000. Buyers will take this fee into consideration when making the offer and assume that as part of the cost of making the purchase.
In many situations, buying agents will assume this fee as a cost of doing business, similar to the practice of reducing commissions or paying out-of-pocket marketing costs. Keep in mind that our offer process leads to higher sales benefiting the seller and their agents - so we kind of pay for ourselves!
What is the reserve bid and who determines it?
As always, the seller remains in control and will set the “reserve” price with their listing agent.
Can I look at side offers or bully offers while the bidding is taking place?
No. The purpose of this platform and process is to provide a fair and level playing field for sellers and buyers alike. The foundation of the transparent platform is to increase competition and fuel bidding. We believe (and have tested) that offers received on our platform will in most cases, exceed a bully offer.
How long does the winning bidder have to formalize the purchase and hand over the deposit?
Most listings stipulate a timeframe of 24 hours to complete the Agreement of Purchase and Sale and deliver the deposit.
Does it cost anything to participate in the bidding process?
All registered bidders must register with a credit card. It is free to participate, however we will pre-authorize a credit card to make sure you are a serious bidder. Only the winning bidder's credit card is processed.
Can I make an offer with conditions?
Most bidding auctions are conducted on a “firm” offer basis but are scheduled far enough out to provide for independent home inspections or finance approval prior to the bidding date. Please read the terms and conditions of the specific auction listing, as you may be able to place a bid with conditions.
What if the Buyer does not formalize the purchase within the specified timeframe?
We provide sellers with a $2000 PropertyBid guarantee** in the unlikely event that a winning bidder fails to complete the formal written offer and deposit process due to no fault of the seller.
**The PropertyBid Guarantee is subject to the Guarantee Terms & Conditions